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Licence of only Iranian bank in Afghanistan scrapped

Licence of only Iranian bank in Afghanistan scrapped

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On
May 20, 2019 - 08:18

KABULinfo-icon (Pajhwok): Afghanistaninfo-icon’s central bank has scrapped the operating licence of the only Iranian bank active in the war-devastated country.

As part of a joint venture between Bank Milli of Afghanistan and Iran’s Sedarat Bank, the Arian Bank launched its operations on the country in 2004.

Afghan central bank officials have been quoted as saying the operating licence of Arian Bank was revoked for ignoring laws and regulations of the Kabul government.

The Iranian financial institution was blamed for making no contribution to the economic development of the neighboring country.

On the other hand, Arian Bank CEO Davood Mahdian dismissed the claims as full of “generalities”.

He told Fars News Agency his bank had been adhering to all rules of the Afghan Central Bank since its inception.  

Mahdian added the license of a bank was cancelled when it was faced with bankruptcy or if it committed a major crime like money laundering.

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